On When Alan Met Ayn: "Atlas Shrugged" And Our Tanked Economy

Put Rand and Greenspan's friendship to one side for a moment. What Greenspan achieved at the Fed was _nowhere near_ laissez fair capitalism; he wouldn't even have the ability or authority to create a financial system congruent with Objectivist philosophy.

Everybody is all to happy to blame a 'lack of banking controls' for the recent downturn. Truth is, this all kicked off due to the 'subprime mortgage crisis' that was initiated DECADES ago when the US Government thought it would be a good idea to start competing with businesses by offering high-risk low-interest loans backed by the federal reserve (long before Greenspan).

I've got a massive problem with all this ill-informed dick swinging that's going on at the moment; people lambasting an entire philosophy that encourages people to be the best they can be, all because it doesn't correspond with their own inconsistent premises.

Posted on April 14, 2011 at 11:39 am 0